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WARRANTIES

• Defined as promises written into a construction/engineering contract that the work will be free from major defects for a certain time.

• A warranty is a written statement that guarantees the good condition of a product, stating the maker is responsible for repairing or replacing the product.

TYPES OF WARRANTY

1. Implied Warranty

   • A presumed assurance in product sales.

   • A guarantee not explicitly written down or spoken.

   • Includes the following sub-types:

     • Warranty of Merchantability

     • Warranty of Fitness For A Particular Purpose

     • Warranty of Title

     • Warranty of Habitability

2. Extended Warranty

   • Also known as a service agreement.

   • Covers costs for certain repairs after the standard factory warranty expires.

   • Sometimes referred to as a